Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes $ 470,000 43,475 33,605 3,265 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxe and record employer's FICA taxes and unemployment taxes.

Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes $ 470,000 43,475 33,605 3,265 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxe and record employer's FICA taxes and unemployment taxes.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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